Small-Dollar Loan Proposed Rule FAQs. Director Richard Cordray says that the proposed guideline was created to end «payday debt traps,» where «borrowers looking for a cash that is short-term are saddled with loans they can’t pay for and sink into long-lasting financial obligation.»

Small-Dollar Loan Proposed Rule FAQs. Director Richard Cordray says that the proposed guideline was created to end «payday debt traps,» where «borrowers looking for a cash that is short-term are saddled with loans they can’t pay for and sink into long-lasting financial obligation.» The customer Financial Protection Bureau (the Bureau or CFPB) released its Notice […]